Aramex third quarter revenues climb by 25 per cent
Aramex (DFM: ARMX), one of the world’s leading transportation solutions providers, today reported financial results for the third quarter ended September 30, 2007. Aramex revenues rose 25% to AED 451.7 million, climbing from AED 360.8 million for the same period last year.
Net profits for the third quarter of 2007 rose by 14% to AED 26.0 million, from AED 22.7 million for the same period last year, while net profits for the first nine months of 2007 increased by 31% to AED 89.4 million, from AED 68.5 million for the same period last year.
Aramex revenues for the first nine months of 2007 rose by 34% to AED 1,289 million from AED 961 million for the same period last year. These results include one time costs of AED 1.8 million of an investment write-off and tax expenses.
“We had solid double digit growth in all our products, especially our freight and logistics services. The gulf region continues to give us very solid results and we are witnessing consistent profitability from our Two-Way acquisition in Europe,” commented Fadi Ghandour, Founder & CEO of Aramex.
“We continue to be optimistic about our full year results coming out on target,” he added.
In addition to significant growth in freight and logistics, the company also demonstrated strong results in the growing document management sector through Infofort, Aramex's document management arm and a market leader in the Middle East.
© 2007 Al Bawaba (www.albawaba.com)